FB pixel

Finda receives grant from Singapore’s central bank for facial recognition KYC service

 

Fintech company Finda System has announced it has received a grant from Singapore’s central bank to implement its proprietary facial recognition KYC service in Singapore under a Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) Scheme, Digital News Asia reports.

The Monetary Authority of Singapore (MAS) operates the POC Scheme to support the creation of technology infrastructure for new products and services in the financial industry, including fintech startups.

Finda’s digital KYC authentication infrastructure features liveness detection and can be integrated with mobile phones to enable secure and efficient online transactions. Customers can also use facial recognition authentication to report a lost or stolen bank card, rather than providing information over the phone as part of a lengthy traditional reporting process, the company says.

“We see Singapore with its rising adoption of cardless transactions and various alternative payment modes such as QR code as an ideal test-bed that may support regional development of such fintech solutions,” said Finda Chief Engineer Chen Yingjie. “The Greater Bay Area initiative, a key Belt and Road Project linking Guangdong, Hong Kong and Macau, has accepted the technology and standard and is in the stage of fine-tuning the applications. As for longer-term plans, Finda would like to first focus on helping to establish the authentication infrastructure in the region.”

Another Singapore-based startup, Touché recently reached an agreement to provide fingerprint authentication technology for in-person payments with OCBC Bank’s merchant customers.

Article Topics

 |   |   |   | 

Latest Biometrics News

 

Microsoft teases easy video deepfake tool, declines to release it

Microsoft is the latest tech giant to tease an AI product so good at producing deepfake humans that it poses…

 

Proposed UK data protection law hit by criticism

The UK’s prospective data protection law is facing criticism from lawmakers and rights groups over plans to introduce bank account…

 

Paris Olympics: Second AI surveillance test completed

In preparation for the Olympics, Paris has tested its AI surveillance systems deploying crowd surveillance technology during two large events….

 

LinkedIn introduces biometric IDV in Singapore with Persona

LinkedIn is rolling out identity verification using biometric passports in Singapore. The feature is provided by San Francisco-based selfie biometrics…

 

Apple to placate EU by opening developer access to NFC scanning, Face ID

Apple’s tap-and-go mobile payments system, ID scanning and biometric capabilities should be available to rivals soon, with a report from…

 

Biometric payment cards launching in Bangladesh, approved by Mastercard

Idex Biometrics is supplying fingerprint biometric technology for payment cards to Bangladesh-based Mutual Trust Bank, as the biometrics provider expands…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read From This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events